Transport company Coast Hauliers set to transfer major non current assets

Mombasa, Kenya:Mombasa based transport and Logistics Company Coast Hauliers is set to transfer its major non current assets to Nairobi based company Seven star limited.

According a business transfer gazette notice in the latest edition of the Kenyan gazette, the major non current assets to be transferred include transport equipment accessories and stock, certain motor vehicles, workshop tools and heavy offloading equipment.

In addition, the agreement that is dated 17th of February will see all Coast hauliers’ creditors settled by Seven seas Limited.

“All money debts or liabilities due and owing by the Transferor in respect of the business up to the date of transfer as set out above shall be received and paid by the Transferor. The Transferee is not assuming nor is it intended to assume any liabilities incurred by the Transferor in the business up to the date of transfer of the sale assets.” read part of the business transfer.

Coast Hauliers which has been operating for more than 40 years has not released a statement regarding its latest move but experts say the Standard Gauge Railway line which is set to start operating in June, is set to adversely affect logistic companies ferrying cargo from Mombasa to the hinterland due to improved efficiency and lowered costs.